You don’t have to build your business alone. Coaches and other solopreneurs are naturals at creating Joint Venture partnerships together. They are a great way to share resources, knowledge and expertise, while at the same time increasing your own credibility.
What is a Joint Venture (JV) Partnership?
Also known as Strategic Partners, JV’s are where 2 or more businesses come together to share knowledge, resources, risks and profits.
Why should you consider creating a JV Partnership?
1. They enhance your credibility
2. They create new profit channels for your business
3. They increase your data base list
4. Increase your exposure
5. Lend to a higher perceived value of you and your business
6. Sets you apart from your competitors
Who can you contact to be a JV Partner?
Here are a few elements of a successful JV partnership:
1. Serving the same target market but specializes in a different area
2. One of the partners must have a mailing list
3. Credibility in the field
4. A unique idea or approach
5. All partners must be committed to and passionate about making the partnership work
6. Has to be seen as a win-win / with each partner believing they are receiving the greater benefit
When to create a JV?
An ideal time to seek out JV partnerships is when you have launched a new product, service, or program. However, anytime is a great time.
How do you go about developing a JV Partnership?
1. Identify who you believe could compliment what you already have to offer and meets your level of professionalism and expertise
2. At least one of the participants MUST have a mailing list of over 1000
3. Determine the immense value they will receive from the partnership (WIIFM)
4. Set clear goals, responsibilities, and expectations for each role
5. Establish and maintain the trust, communication and understanding
Joint Venture partnerships are a great way to help you grow your business substantially in a very short amount of time. One of the reasons they work so well is the accountability piece. If someone else is counting on you, you don’t want to disappoint them. And don’t!
By incorporating Joint Venture partnerships into your overall marketing strategy you will see an almost instant increase in exposure and growth in your business, and, if done properly and professionally, establish a wonderful working relationship.